monzo closed account refund

As soon as you receive notice that your bank has closed your account, you need to take immediate action in order to be able to continue to pay your bills and manage your money. Thats not an acceptable risk for us. Quick question. very strange situation here. Announcing the move on its community forum yesterday, Monzo said 'things just haven't gone the way they should have'. Get in touch with proof from the merchant confirming that they plan to refund your deposit. Existing customers can get help via the app. It impacts our economy and can affect people in devastating, life-changing ways. If you have a Monzo Plus or Premium subscription youll need to cancel that first by following the below steps: If youd still like to proceed with closing your account please complete the below steps: Existing customers can get help via the app. 09446231). Managers have more impact on our mental health than doctors and therapists! been abusive to anyone at Monzo or a member of our community. Its likely that your old Monzo account has a positive balance. But we can broadly explain when we might do it: We spot unusual activity. I went to the shop to buy my daughter some food, and my card got declined, she explains over the phone. I can't get in touch with Monzo since I my account was deleted and I can't login anymore. Refunds take up to 14 days from when the merchant processes it. OR: . My Monzo account was blocked for no reason given, I gave alternative details fro my funds to be transferred but ~I received a refund into the Monzo account a month or two later. You are assuming Monzo have frozen your account due to the fact that you're dealing in crypto, but everything you've told us suggests they're treating it as a regular fraud concern. Last month, it told the Guardian that it had received over 700 complaints about Monzo the majority of which were in the last six months. There's more here about two ways to pay So refunds can appear differently depending on whether you used the virtual card or moved the transaction to Flex after. Its just the way the law works. If the account is closed it'll probably return to the sending bank If you have evidence of the account being closed provide it to the entity refunding you, they may require this evidence to have it paid anywhere else for AML reasons harryalex99(Harry Alexzander) 21 January 2021 17:19 #3 I am a victim of fraud here, I cannot even afford to take this to court. Ive been told that a purchase Ive made using Flex (my first ) is to be refunded in X working days. If i was committing fraud (which im not and never have) and they did this theyre essentially saying go ahead, you got 2 months longer to keep committing fraud, and well shut you down then wouldnt make any sense even when you think about it. Financial crime is a serious problem across society. In line with our terms and conditions, we can close an account by giving two months notice. This document will be password protected, and well send you the password to open it in a text message. Surely they need to have some sort of valid reason though right? Which is a bit anxiety inducing given that from the customer perspective theres no identifiable reason for it. Yes, true, but the rest of my post still applies. Criminals successfully stole 1.2bn from people in the UK in 2019 alone, Information about our Personal Current Account Services. I still live in the UK (havent left), lived here all my life so have a passport, no legal troubles etc. Monzo Premium is for customers aged between 18 and 69 years old and comes at a monthly cost of 15 for a minimum subscription of 6 months. How do I get my money back? And we can close an account immediately in some situations, like if we think youve broken the law or breached our terms and conditions. Existing customers can get help via the app. Monzo is allergic to cryptocurrency fraud risk, so they will sometimes close the account for that. We contacted Monzo about Liam's case and it explained that it initially refused to refund him due to inaccuracies in his story. Need it sooner? Monzo Bank Ltd is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Monzo legally cannot tell you why. Monzo closed my account but I have a loan with them. From there you'll be taken into the flow to enter the process for raising a dispute with the merchant with our disputes team. In Section 14 our terms and conditions, we explain some general reasons we may close or block an account. It might be a mistake on Monzos part, youd like to think theres human intervention here. 4 Likes ndrw (Monzo is better than sliced bread) 15 February 2021 11:12 20 Revels: You can use your virtual card, or you can pay with your Monzo debit card and then move the transaction to Flex up to two weeks after you made the payment. Bet 10* & Get 30* in Free Bets. That blog link doesnt apply to this customer, it only applies to those who have had their accounts closed immediately. Nobody here is going to know, because if its happened to them, they wont know either. [Blog link was removed]. If you used your account for anything cryptocurrency related, that might be why. OP will have done something or some flag for it. Form: 2- BF. Its unlikely to happen to 99.9% of customers. Corporate_Drone31 2 yr. ago. When VICE approached Monzo for comment, a spokesperson said that the company would not be able to comment on the closing of users accounts without specific details on individual cases. Information about our Personal Current Account Services, Please log in and verify your identity by recording a short video and taking a photo of one of your ID documents, Once weve verified you, youll be able to give us the details of another UK account for us to forward the money to. 6 yo Gelding. When our fraud systems spot activity that might be suspicious and we decide to block an account, we aim to have a person review it within 10 minutes (night or day). Theres more here about two ways to pay. Its funny you say that because Ive heard back from chat now and the response pretty much amounted to lol, sort it out yourself mate. so what other reasons could it be? I then got an email from them saying it was going to take two to four weeks. 09446231). Our Financial Services Register number is 730427. The max refund is a single 30 free bet and will be applied to your account with 72 hours of qualifying bet settlement. Last run: 364 days. I continued using my account saying I am willing to provide anything they need to get this case disproven but they asked for nothing. Troubleshooting declined contactless card payment, Card payment declined but you've still been charged, Information about our Personal Current Account Services, Proof of the original receipt (screenshot or photo of paper receipt), Proof you spoke to the merchant (screenshot of the email you sent them), Optional: proof of cancellation (screenshot if you tried to cancel the order). If you've been waiting more than 14 days, please check that the merchant definitely sent the money. If you do not, your paycheck may go to the bank, but you will not be able to access the funds. 18+ only. Monzo Bank Ltd is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. ! Update on this earlier post. Monzo has closed its Monzo Plus packaged account to new customers just four months after it was launched. My understanding was that UK banks have to give you a grace period to move your money to another bank of at least 30 days. 09446231). Danielle Richardson. What reasons would they have though?? Sometimes well spot behaviour that makes us think a customer poses a risk to Monzo or other people. However, its not all rave reviews. By accepting all cookies, you agree to our use of cookies to deliver and maintain our services and site, improve the quality of Reddit, personalize Reddit content and advertising, and measure the effectiveness of advertising. To cut a long story short, I had current account and a joint account from Monzo and then out of the blue they froze and then proceeded to close both of my accounts, which is fine I can go back to my old bank, but I had a loan with monzo and they haven't even mentioned it during any . The start-up has done so well that, in 2019 after a new round of funding in the US, it was valued at around 2 billion. I was relying on that money, and I was stressed and anxious because I couldn't sort anything out, and I don't have any family members close. I just didn't know what to do., When Hopkins contacted Monzo again, a customer service employee asked her if she had friends or family who could help: I said no, and I shouldn't need to [borrow money] because I have my own money., Hopkins received an email response from Monzo on the same day that VICE approached the company for comment. So obviously it cant be a security risk or a fraud risk issue as they still are allowing me to use their service for 2 months, right? So refunds can appear differently depending on whether you used the virtual card or moved the transaction to Flex after. They're saying they can only refund to the original card Any idea what I'm supposed to do here? We know this can be very frustrating, and were not being deliberately difficult. But this theyre saying i can still use everything for a further 2 months then on the 18th april itll be cut off. Cookie Notice They also have the same mental health impact as our spouses and partners | 11 comentrios no LinkedIn How is this fair? If our review finds theres a perfectly reasonable, legal explanation for the activity, we of course immediately unblock the account and apologise. This can be as simple as phoning up with a story about hardship, posting one on social media or taking one to the press. Monzo Bank Ltd is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Junho 11, 2022; police story: season 2 . This is a first Ive heard it happen to a personal current account, and I dont like it one bit. After contacting Monzo, he learned that his card had been frozen for no apparent reason, and without warning. "I thought I was the only one," he explains. Some users are accusing Monzo of freezing or closing their accounts for no reason, claiming to have had to wait to get their money back or even not receiving it at all. In the end, it took over four weeks for Harford to receive his money back. If you need to send an item back to get your refund, the 14 days will only begin once the merchant receives the item. To protect peoples money and stop criminals using Monzo for illegal activities, well block accounts when we suspect this is happening. I dont understand your point? If you paid with the virtual card, the refund might come into your current account, but more often it will directly go towards paying off the Flex instalment plan its connected to. Im afraid this customer forum isnt the place to discuss closed accounts. He. Free Bets are paid as Bet Credits. Thats why like many banks, we constantly evolve our approach to financial crime and the risks that come with it. Monzo can not (by law) tell the customer this is why their account has been suspended. Our Financial Services Register number is 730427. Once your account is closed, well email you to confirm and attach a statement showing your full payment transaction history. Place your first bet, if it loses we will refund your first bet stake as a free bet. Thats kinda worrying if what you say is true (I dont doubt that it is) but as a average user with no shadyness in my life like 99.9% of account holders, we could all be culled off for no apparent reason. Neither the refund from the chargeback nor the refund from the merchant closed my Flex agreement. He lost 4,000, saved for his son's enrolment at university in September, after being called by a fraudster from a number that matched Monzo's, flagging suspicious activity on his account. If youre having any trouble downloading the app, logging in or approving your identity or you need us to send your balance to an international account please email remainingbalance@monzo.com with the following information: Please also send a selfie holding your ID, so we can verify your identity. Heres some more information about why this sometimes happens. Monzo Bank Limited is a company registered in England and Wales (No. In the summer of 2019 a Facebook group, " Monzo stole our money ", was quietly set up by Ian Fisher after his account was unexpectedly closed by the digital bank. We may close your account or stop you using your card and app immediately if we believe youve: put us in a position where we might break the law, broken the law or attempted to break the law. You can use that refund to pay-off the Flex instalment plan by tapping pay off extra - or keep it in your current account and just pay off the remaining instalments on your Flex payment date. houston methodist willowbrook cafeteria menu; disadvantages of minimally invasive heart surgery; terry kilburn edmonton. He continues: A couple of days passed, and I thought it would take three to five days [to get the money back]. Theres more here about two ways to pay, Paying off extra and early with Monzo Flex, Making a Section 75 or purchase protection claim with Monzo Flex, Making a Section 75 claim on a virtual Flex card transaction, Information about our Personal Current Account Services. Christmas was approaching, and he planned to use the 365 in his Monzo account to buy presents for his family. If you need to send an item back to get your refund, the 14 days will only begin once the merchant receives the item. If the account is closed itll probably return to the sending bank, If you have evidence of the account being closed provide it to the entity refunding you, they may require this evidence to have it paid anywhere else for AML reasons. OP will have done something or some flag for it. Before this time frame, it received fewer than 30 complaints in a six-month period. Sometimes freezing, blocking or closing accounts is part of that. If you decide you want to re-open your account at a later date you will need to wait at least 30 days from the date of closure, you wont be able to use the Current Account Switch Service to change to another bank and there are no guarantees that we'll be able to re-open your account for you. Over the weekend that 55 cash advance became a 139 cash advance as the merchant has now refunded the duplicate transaction, but the 55 Flex balance hasn't automatically settled and Monzo's 88 chargeback refund is still in my account too. Monzo, the banking start-up loved by millennials, has over three million users. Free Bets are paid as Bet Credits. You might not understand why its happened, and feel powerless to change things. If dodgy stuff is confirmed (or unable to be shown to be legitimate) they'll close the account to protect themselves from facilitating further ML/fraud (as any bank that is found to do so can face a huge fine). Monzo Bank Limited is a company registered in England and Wales (No. If you have any issues with the in-app flow and provide your defund details by email well aim to transfer it within 7 working days for UK accounts (2-3 weeks for international payments).

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